EP 301. Capital Allocation, 1967-1969: Buffett Buys National Indemnity -- and a Primer on Insurance Companies
Focused Compounding
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Buffet Was Able to Control the Investment Decisions
With our purchase, we received six point seven millions of tangible networkh. It was easy to rearrange the portfolio into securities we would otherwise have owned at berkshire itself. The same thing is true when a company has excess cash. A mutual fund owned by a company is probably going to get similar returns to you.
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